Properties Agents Developments Forum


Sorouh Real Estate’s Net Profit Vaults 42 Per Cent in 2008

Friday, January 30, 2009
Sorouh Real Estate PJSC, one of the leading master-planners and developers in Abu Dhabi, on Thursday announced that it has earned a full year net profit of Dh1,784 million in 2008, registering a 42 per cent increase over the Dh1,257 million recorded in the previous year. Stating this in a Press statement, the company said its revenue rose to Dh3,723 million in 2008 from 
Dh2,321 million in 2 ... more

Investments In Dubai's Real Estate Top Dh58b

Thursday, January 29, 2009
Total investments in Dubai's real estate sector exceeded Dh58 billion during the last quarter of 2008, representing a drop in comparison to the previous quarter of 2008, according to REIDIN.com, an online property tracker. The statistics reflect the current economic downturn, which has affected the property and real estate market in the region, a statement said. However, this has also created oppo ... more

Aldar Profit Climbs 78% In 2008, Despite Poor Q4

Thursday, January 29, 2009
Aldar Properties, the largest developer in Abu Dhabi, said full-year profit soared 78% on sales of land and residential units. Net income rose to Dhs3.45bn ($939m) from Dhs1.94bn in the year-earlier period, the company said. However, results for the final quarter were down 84% year on year to Dhs84.4m from Dhs528.3 in 2007. ... more

Experts See Robust Demand For Property In Abu Dhabi

Thursday, January 29, 2009
Demand for property in Abu Dhabi is expected to peak at 70,000 units in the next three years, according to experts in the real estate sector. Around 50,000 units are expected to be delivered during this period and this would mean the demand-supply gap would still be high in the sector, they said on the sidelines of the ongoing Abu Dhabi International Real Estate and Investment Show IREIS 2009. Emp ... more

Two Draft Laws To Protect Buyers In Off-Plan Market

Wednesday, January 28, 2009
Two new laws in the pipeline will bring further protection to investors and end-users in Dubai's off-plan property market. The first law says developers must own the land and have completed at least 20 per cent of construction before they can request consent from the Real Estate Regulatory Authority (Rera) and are allowed to sell off-plan. The second law says the payment plan must be linked to con ... more

Sorouh’s Alghadeer Project Progressing On Schedule

Wednesday, January 28, 2009
Sorouh Real Estate PJSC, one of Abu Dhabi’s leading developers, confirmed on Tuesday that construction of its master-planned community at Alghadeer is on schedule following ground-breaking in October 2008, with the first show villas nearing completion. The company described Alghadeer, a community for 18,000 residents situated between Abu Dhabi and Dubai, as a strategic priority. We have been progr ... more

Delivery Of Victory Heights Villas Begins

Tuesday, January 27, 2009
Dubai Sports City executives today announced delivery of the first villas of the Victory Heights luxury development, which consists of 964 townhouses and villas. The Els Club, a championship golf course designed by the three-time major winner from South Africa, Ernie Els, which forms the centrepiece of the Victory Heights community, was opened in April 2008. ... more

Property Prices Could Fall 20% - Al Abbar

Tuesday, January 27, 2009
Property prices in Dubai could fall about 20 per cent on average, the chairman of the emirate's largest developer, Emaar Properties, said in remarks published on on Monday. He did not give a timeframe. Mohammad Al Abbar also said Emaar's financial position was strong but the firm had no intention to buy back shares, but it might consider delaying some projects if market conditions indicated a need ... more

Deyaar Enjoys 105 Per Cent Growth In Profit

Monday, January 26, 2009
>p>Deyaar announced record net profit of Dh1.1 billion, a stellar increase of 105 per cent, especially staggering in light of the economic situation. The company's net profit stood at Dh540 million in 2007. Deyaar's full year revenues reached Dh2.9 billion in 2008, up 136 per cent from the year before. The company's debt-to-equity ratio was also reduced to eight per cent, a clear sign that Deyaar ... more

Up To Sell Dhs2.5bn Bonds

Monday, January 26, 2009
Union Properties is to raise capital by selling non-convertible bonds worth Dhs2.5bn to strategic investors. The move is a departure from its original plan last December to issue convertible bonds. The company had said previously that it was planning to double its land holdings in Dubai over the next two years. ... more

Deyaar Plans To Acquire Assets In India And Turkey

Friday, January 23, 2009
Deyaar Real Estate has set up a division to acquire distressed assets in countries such as Turkey and India with the aim of expanding its land bank, its chief executive said on Thursday. The new department will look at buying distressed assets across the globe with India and Turkey being likely markets,” Markus Giebel was quoted as saying in a report. We intend to add land bank to our portfolio th ... more

Rera Confirms Higher Rents For Some

Thursday, January 22, 2009
After weeks of conflicting reports, the Real Estate Regulatory Agency (Rera) on Wednesday finally sought to clear the confusion over the future of the rent cap and introduction of a rental index. In a four-page statement, Mohammed Khalifa bin Hammad, director of the Relationships Department in Rera, explained how the rental index will work. Mohammed Khalifa said that rental contracts renewed in 2 ... more

Dubai Property Prices Fall 23%

Thursday, January 22, 2009
A new report by HSBC has found that Dubai property prices fell 23% last month from their record high in September. Prices for Dubai villas fell 30%, while the price tags for Dubai apartments were 20% lower than their September peak, the report said. It was the first time that a survey measured actual prices at which properties were bought and sold. ... more

Decree Leaves Residents Wondering Whether Rent Will Be Raised Or Lowered

Wednesday, January 21, 2009
The new decree issued to curb the soaring rent in Dubai has caused some confusion among residents. Some Gulf News readers expressed their concerns about the law, as many of them do not understand the intricacies. Sumanta K. Banerjee, an Indian expatriate, thinks that this new decree would only add to the confusion. He said, "Many of us do not wish to get into a debate with the landlord and pay the ... more

Dubai Rent 'Capped At 20% Maximum'

Wednesday, January 21, 2009
According to a decree regarding rental prices in Dubai, rents that are up to 25% less than the lowest band of the newly released Real Estate Regulatory Authority index average, and most new 2008 contracts, will remain frozen. Beyond this rents will go up by 5% for every ten percentile difference, up to a maximum of 20% to ensure that long term tenants are not hit with excessive increases. ... more

‘Freezing Of Rent Limit Will Stabilise Market’

Wednesday, January 21, 2009
Real estate experts say that limiting rent increases to maximum averages contained in an index will have little or no effect as the leasing market is already in decline. A decree from the office of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai on Monday, said that rents could not increase further than averages laid down in a ren ... more

Emaar To Raise Up To $2bn From Bond Sales

Tuesday, January 20, 2009
Emaar Properties, the UAE's largest real estate developer, plans to raise up to $2bn by selling Islamic bonds. A prospectus for setting up a US$2 billion trust certificate programme by a unit of Emaar was approved by the UK Listing Authority, the Dubai-based company said today in a Regulatory News Service statement. A unit of HSBC Holdings will serve as the principal paying agent for the programme ... more

Dubai Moves To Rein In Rents

Tuesday, January 20, 2009
Tenants whose home or commercial property is less than a quarter below the average price for a similar premises will not have to pay any increase in rent, according to a decree issued on Monday by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE, in his capacity as Ruler of Dubai. Mohammed Ibrahim Al Shaibani, director of the Dubai Ruler’s Court said the ... more

Dubai Property Prices May Fall 60pc From Peak: Shuaa

Monday, January 19, 2009
Dubai real estate prices could fall as much as 60 per cent in 2009 from their peaks in July last year, while Abu Dhabi may slide as much as 20 per cent, Shuaa Capital said on Sunday. Real estate prices have fallen by around 40 per cent in Dubai and by around 15 per cent in Abu Dhabi from their peaks last year, Roy Cherry, vice-president, research at the Dubai-based investment bank told reporters ... more

DIB, Rera Host Escrow Forum

Sunday, January 18, 2009
Dubai Islamic Bank in partnership with Real Estate Regulatory Agency hosted over 50 real estate developers at a recent escrow forum. The forum provided a platform for DIB's escrow account customers to communicate with RERA. As one of the largest escrow players in the market, DIB has been actively involved with consulting RERA on general issues related to the escrow regulations. ... more

Online Tenancy?Registration?Upsets Brokers

Friday, January 16, 2009
The online registration of tenancy contracts, which was introduced late last year by the real estate management authorities in Dubai, has ruffled many feathers among the real estate agencies. The online registration was introduced in order to help the real estate management authorities develop a map of average rents across different areas of Dubai. Real estate authorities are being accused of “thr ... more

Rental Price Index Brings Transparency, Stability

Thursday, January 15, 2009
The long-awaited rental index launched by Dubai’s Real Estate Regulatory Agency on Wednesday, is expected to help rationalise and stabilise emirate’s commercial and residential property market that has been witnessing a unbridled escalation in rental prices over the past four years, businessmen and tenants said. The index, the first of its kind for the region, has also been welcomed as a measure t ... more

Sorouh To Build Affordable Housing Project In Abu Dhabi

Thursday, January 15, 2009
Sorouh Real Estate, Abu Dhabi's second-biggest property developer by market value, is planning an 'affordable housing' project in the emirate to tap into the underserved market in the emirate. Gurjit Singh, Sorouh's chief property development officer, told Bloomberg said the plan 'is currently on the company's drawing board'. Sorouh has more than $13bn of projects under way in the emirate. ... more

Dubai's 5% Rent Cap Still Valid, Says Official

Wednesday, January 14, 2009
Dubai's five per cent rent cap will remain valid in the absence of any new announcement, Gulf News has reported. An official from the Rent Committee at the Dubai Municipality said landlords still cannot increase the rents beyond five per cent. And tenants can file complaints with the committee if there is violation on the existing rent law. ... more

Residents Complain Of Abnormal Hikes

Wednesday, January 14, 2009
Even as speculation is running high that the economic slump will have a calming effect on property rents in Dubai, some residents were in for a surprise when they got their contract renewal notices for this year. Rents were increased by more than 100 per cent! Tenants said the exorbitant rent hike in the wake of the current economic crisis came as a shock to them. "Everyone is talking about rents ... more

Dubai House Prices Fell 8pc In Q4

Wednesday, January 14, 2009
A new report shows home prices in fast-growing Dubai tumbled 8 per cent in the last three months from the previous quarter, the strongest evidence yet that the city-state’s property boom has run out of steam. Colliers International, the real estate consultancy that issued the report on Tuesday, said the decline is the first it has seen in its two years of tracking prices. The firm’s regional direc ... more

Main Issue Is Whether People Still Want To Buy Property

Tuesday, January 13, 2009
While 2009 has been dubbed the year of the end-user in Dubai, some experts say the main issue for buyers will be whether they can buy or whether they want to buy. House prices in Dubai have dropped eight per cent between October and December, according to the fourth quarter House Price Index (HPI) 2008 issued by Colliers. The price drop relates to freehold residential properties, including apartme ... more

Average 8% Price Fall In Q4 House Price Index For Dubai

Tuesday, January 13, 2009
Colliers International, the global real estate consultancy, today released its Q4 2008 House Price Index (HPI), the leading index of residential real estate performance in Dubai. According to the HPI, the house prices in the emirate dropped by an average of 8% between October 2008 and December 2008. Despite this drop in prices the index indicates a year-on-year price growth of 59% between Q4 2007 ... more

Developer Says 23 Marina On Target

Tuesday, January 13, 2009
Construction of 23 Marina, the real estate project by Hircon International, a joint venture between Indian property developer Hiranandani and Dubai-based ETA Star Properties, is proceeding as planned and is expected to be complete in 2011. The real estate developer has assigned Dubai Civil Engineering to construct the tower that is set to rise up to 90 floors at Dubai Marina. 23 Marina will featur ... more

Ajmal Launches Dh200m Real Estate Venture

Monday, January 12, 2009
Ajmal has been known as one of the foremost and pioneering names in the field of perfumery over the past 57 years. The word “AJMAL’’ means “most beautiful” in Arabic and true to its name. In a bid to contribute and play a modest role in the property market Ajmal group cashed on its local experience and expertise by launching Ajmal Real Estate. With an asset value of over Dh200 million, Ajmal Real ... more

Rents Cool Off In Dubai, Abu Dhbai

Monday, January 12, 2009
The average cost of renting a one-bedroom apartment in Dubai rose by just four per cent last year and did not rise at all in the last three months, according to a new report by UAE-based property services firm Asteco, cited by The National. In Abu Dhabi, rents for units with two or three bedrooms also levelled off, although demand for smaller, less expensive homes pushed up prices for one-bedroom ... more

Tenancy Disputes Rise?In ‘Absence’ Of Rent Cap

Friday, January 09, 2009
The top official of the body in charge of regulating the real estate market has said that he has “no idea” when the new rent cap will be introduced for the emirate. Marwan Bin Galita, Director General of the Real Estate Regulatory Authority (RERA), said that no date had been set for the reintroduction of the annual rental cap, which has previously stood at five per cent. Reports suggest that landl ... more

Nakheel To Help The World Developers

Friday, January 09, 2009
Nakheel is in discussions with banks to devise finance packages for sub-developers on The World development, The National has reported. The master developer is also working on new payment plans for island owners who are struggling to fund their investments as a result of the global financial crisis, said Hamza Mustafa, the managing director for the project. Six developers are expected to begin wor ... more

Flexible Payment Plans Offered

Tuesday, January 06, 2009
Real estate developers in Dubai have begun offering innovative payments schemes to attract the captive end-user market in a bid to overcome the current crisis. Aristocrat Star Investments, a multi-diversified business group with a real estate investment portfolio in the Middle East, yesterday announced a new payment plan for its Royal Estates development, offering existing customers 90 months to p ... more

DIP Unveils Luxury Sunset Mall

Tuesday, January 06, 2009
Dubai Investment Properties (DIP), the leading real estate developers in UAE, has launched its exclusive multi-million ‘Sunset’ mixed-use development project in Dubai. Speaking to Khaleej Times Ani Vladi, Marketing Manager of Dubai Investment Properties, said: The Sunset mixed-use development is scheduled for completion in the first quarter of 2009, however, the residential quarters might take a f ... more

Sweet Homes Awards $123m Construction Contract

Tuesday, January 06, 2009
Dubai-based developer Sweet Homes has awarded a Dhs450m ($123m) contract to Sharjah-based Master Civil Construction Company for the construction of Towers B10, B14 and B15 - three out of the nine towers comprising its Dhs1.7bn 'Rainbow Towers' project. The move follows the completion of an Dhs12 million shoring and excavation contract undertaken by Piling Tech LLC for the initial groundwork of the ... more

Amlak-Tamweel Merger To Boost Mortgage Business

Monday, January 05, 2009
The merger of two largest Islamic mortgage providers in the UAE - Amlak Finance PJSC and Tamweel PJSC into a newly created $8 billion lender will ensure the mortgage business thrives in the country in the years ahead, investment bankers told Gulf News on Sunday. Although there is no direct economic added value to be derived out of the merger, placing both companies under one entity is the ideal st ... more

Abu Dhabi To Establish Real Estate Regulatory Authority

Monday, January 05, 2009
A real estate regulatory authority will be established in Abu Dhabi within the next few months, Dr Jawaan bin Salem Al Dhahiri, Chairman of the Municipal Affairs Department in Abu Dhabi told Khaleej Times. The aim of setting up the authority, the first of its kind in the emirate, is to chalk out an integrated system that streamlines property rent, sale and purchases, including suggesting legislati ... more

Burj Dubai Hits Final Height

Monday, January 05, 2009
Emaar's flagship development, the Burj Dubai, has reached a height of 818m according to a project contractor. The spire was erected on the world's tallest building at the end of December and the capping beacon has since been activated. ... more
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